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Tom Brady has agreed to a three-year, $27 million contract extension with the New England Patriots, a deal that will keep him with New England through the 2017 season, a league source confirmed to ESPNBoston.com’s Mike Reiss.

The extension includes a $3 million signing bonus along with annual salaries of $7 million in 2015, $8 million in 2016 and $9 million in 2017, when Brady will turn 40, according to the source.

The modest figures for Brady afford the Patriots substantial salary cap flexibility, as other elite quarterbacks have signed for annual salaries that are twice as lucrative. That will help as New England prepares to deal with the NFL‘s projected flat salary cap for the coming seasons.

Brady and the Patriots started discussing the extension about a month ago, according to the source. Brady was willing to accept this deal, the source said, because of the trust that exists between the two-time NFL MVP and the team.

Brady feels that in giving New England this cap flexibility, the source said, he trusts the Patriots will add the right players to finish his career with the best chance to win another Super Bowl.

Sports Illustrated reported earlier Monday that Brady and the Patriots had agreed to the extension.

Brady, a two-time Super Bowl MVP, passed for 4,827 yards and 34 touchdowns this past season, his 13th with the Patriots.